The Reserve Bank of New Zealand left its official cash rate unchanged at 2.25% at its May meeting, the third consecutive hold, following a split among policymakers. The central bank noted that higher petrochemical prices are expected to lift inflation this year, with headline inflation projected to peak at 4.3% in Q3 before returning to the 2% target mid-point in mid-2027. The economy remains in an early-stage recovery with spare capacity and elevated unemployment, but higher fuel and input costs are expected to weigh on household purchasing power and business margins. The Committee remains focused on preventing higher costs from becoming entrenched in medium-term inflation while avoiding unnecessary economic volatility. It added that the OCR is likely to rise sooner and by more than previously projected in the February statement, with the pace of future increases dependent on the balance between persistent wage and price-setting behaviour and weaker economic activity. source: Reserve Bank of New Zealand

The benchmark interest rate in New Zealand was last recorded at 2.25 percent. Interest Rate in New Zealand averaged 6.56 percent from 1985 until 2026, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2026.

The benchmark interest rate in New Zealand was last recorded at 2.25 percent. Interest Rate in New Zealand is expected to be 2.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Interest Rate is projected to trend around 4.25 percent in 2027 and 4.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-02-18 01:00 AM RBNZ Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-04-08 02:00 AM RBNZ Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-05-27 02:00 AM RBNZ Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-07-08 02:00 AM RBNZ Interest Rate Decision 2.25% 2.25%
2026-09-02 02:00 AM RBNZ Interest Rate Decision
2026-10-28 01:00 AM RBNZ Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 774932.00 785625.00 NZD Million Apr 2026
Central Bank Balance Sheet 72757.00 79577.00 NZD Million Apr 2026
Deposit Interest Rate 4.60 4.50 percent Apr 2026
Foreign Exchange Reserves 53738.00 60719.00 NZD Million Apr 2026
Interbank Rate 2.66 2.65 percent Jun 2026
RBNZ Interest Rate 2.25 2.25 percent May 2026
Loans to Private Sector 142612.00 142660.00 NZD Million Apr 2026
Money Supply M0 10235.00 10236.00 NZD Million Apr 2026
Money Supply M1 137839.00 137977.00 NZD Million Apr 2026
Money Supply M3 454442.00 455643.00 NZD Million Apr 2026


New Zealand Interest Rate
In New Zealand, interest rates decisions are taken by the Reserve Bank of New Zealand. The official interest rate is the Official Cash Rate (OCR). The OCR was introduced in March 1999 and is reviewed eight times a year by the Bank. The OCR influences the price of borrowing money in New Zealand and provides the Reserve Bank with a means of influencing the level of economic activity and inflation.
Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 67.32 0.25 1985 - 2026 percent Daily

News Stream
RBNZ Signals Earlier and Larger OCR Hikes
New Zealand’s Official Cash Rate ()CR) is likely to rise sooner and more sharply than indicated, Governor Anna Breman said in a speech on Friday. She noted that the global backdrop remains uncertain, with supply chain strains and higher input costs weighing on activity. “New Zealand and our trading partners are likely to see weaker growth alongside higher near-term inflation in response to the Middle East conflict,” she said. Breman viewed that inflation risks remain unclear, where elevated costs could keep price pressures high, though softer demand and rising unemployment may ease them later. Locally, she described business confidence as subdued and performance uneven, with parts of the primary sector holding up but other industries struggling under rising costs and weak demand. Breman added that the central bank is committed to restoring inflation to target while avoiding disruptive swings in the economy.
2026-05-29
RBNZ Keeps Key Rate Unchanged
The Reserve Bank of New Zealand left its official cash rate unchanged at 2.25% at its May meeting, the third consecutive hold, following a split among policymakers. The central bank noted that higher petrochemical prices are expected to lift inflation this year, with headline inflation projected to peak at 4.3% in Q3 before returning to the 2% target mid-point in mid-2027. The economy remains in an early-stage recovery with spare capacity and elevated unemployment, but higher fuel and input costs are expected to weigh on household purchasing power and business margins. The Committee remains focused on preventing higher costs from becoming entrenched in medium-term inflation while avoiding unnecessary economic volatility. It added that the OCR is likely to rise sooner and by more than previously projected in the February statement, with the pace of future increases dependent on the balance between persistent wage and price-setting behaviour and weaker economic activity.
2026-05-27
RBNZ Holds Key Rate Steady
The Reserve Bank of New Zealand left its official cash rate unchanged at 2.25% at its April 2026 meeting, in line with expectations, keeping borrowing costs steady amid global uncertainty. The central bank noted that recent events in the Middle East have materially altered the outlook, with higher oil and fuel prices contributing to rising near-term inflation and weaker economic growth. While headline inflation is expected to remain at the top of the 1–3% target range in the March quarter and rise further in the near term, medium-term pressures are expected to be moderated by weak domestic demand and spare productive capacity. Economic momentum has softened, with higher fuel costs reducing household purchasing power, profit margins, and business investment. The Committee emphasized that future policy will focus on medium-term inflation, noting that core inflation, wage growth, and inflation expectations must remain contained.
2026-04-08